NEW DELHI: State governments are contemplating levying stamp duty on non-processing areas in the special economic zones (SEZ). This could spell trouble for many SEZs that have grand plans for non-processing areas. The promoters can use up to 50% of the SEZ area as non-processing zone for activities such as housing, health facilities etc. All this could now attract stamp duties, resulting in escalation in costs. The new rule would not require amendment to the SEZ rules. This would also mean that...

By Anil Agarwal India is one of the world's fastest-growing economies. However, it operates far below its potential. Over the past few years, investments have slowed and there is an urgent need to revive the economy. I believe the first full Budget of the new government is the right enabler to achieve growth. Special focus on infrastructure, both social and physical, would have significant benefit for our nation. It is...

NEW DELHI: There is a growing need for the industry to collaborate with the government in setting up of superior technical institutes to match global standards, according to the Minister of State for Science & Technology and Department of Ocean Development, Kapil Sibal. Speaking at a CII conclave in the capital on Monday, he stressed the need for increased investment in social infrastructure especially education and health care and development of world class research facilites...

NEW DELHI: Finance minister Arun Jaitley has justified the government decision to bring out an Ordinance to amend certain provisions of the Land Acquisition Act on the grounds that the 2013 legislation had some flaws which had to be rectified and that the new law will not only ensure more compensation to the farmers whose land is acquired by the authorities but also aid in much-needed development. In his latest blog posting, Jaitley has pointed out to the...

NEW DELHI: Giving thumbs up to Finance Minister Arun Jaitley's budget, Ichiro Iino , MD of Hitachi India said, "The current Union Budget strives to drive the growth of the Indian economy especially in the Social Infrastructure domain. " "We are all geared up to work towards transforming India into a self-reliant country by actively getting involved in fields such as water, urban transportation, IT, healthcare etc. and contribute to the overall...

NEW DELHI: Finance Minister Arun Jaitley today said though he was keen to provide more funds for the social sector and infrastructure development, he could not do so due to financial constraints. Asked what he wanted in this Union Budget but could not accomplish, he said there was less money that he could allocate for the social sector as well as for infrastructure. "I wanted to allocate an additional Rs 1 lakh...

NEW DELHI: Launching a scathing attack on the Congress, Finance Minister Arun Jaitley today said the previous UPA regime's land law has had "disastrous impact" on India's national security as Pakistan could get information on critical defence projects coming up here. Terming UPA government's land law as "a defective piece of legislation", he said though the Congress-led government had put defence and security as urgent matters, it had "forgotten...

NEW DELHI: Aiming to revitalise SEZs, the government has permitted dual-use of non-processing areas in special economic zones, allowing developers to set up social infrastructure like schools, hospitals and hotels which can be accessed by people within and outside these conclaves. As per a notification, the non-processing area in special economic zones (SEZs) has been divided into two parts. The social or commercial infrastructure in one part can be...

NEW DELHI: A successful development of proposed smart cities across the country will depend on five critical elements such as power, infrastructure, funds, technology and social capital, property consultant Cushman & Wakefield said today. The Centre plans to develop 100 smart cities as satellite towns of larger cities and by modernising the existing mid-sized ones. In the Union Budget last year, Finance Minister Arun...

MUMBAI: LICHFL Asset Management Company, the private equity and venture capital arm of LIC Housing Finance , will invest half of its Rs 529-crore maiden realty fund in social infrastructure such as schools, hospitals and warehousing facilities, a top company executive said. The fund, christened Urban Development Fund, was raised in 2013-14 for a term of six years. It has 30 investors. "The gestation period is short and this gives us an opportunity to diversify...

NEW DELHI: At a time when Prime Minister Narendra Modi successfully won the confidence of Japan's business fraternity, the country's IT equipment and services major Fujitsu is planning to bring its social applications to India that will boost the government's Digital India drive. "There are lots of social infrastructure projects in Japan and Fujitsu has heavily invested in some of them. There is the agriculture cloud (application) that enables farmers and people...

NEW DELHI: Launching a scathing attack on the Congress, Finance Minister Arun Jaitley today said the previous UPA regime's land law has had "disastrous impact" on India's national security as Pakistan could get information on critical defence projects coming up here. Terming UPA government's land law as "a defective piece of legislation", he said though the Congress-led government had put defence and security as urgent matters, it had "forgotten...

MUMBAI: LICHFL Asset Management Company, the private equity and venture capital arm of LIC Housing Finance , will invest half of its Rs 529-crore maiden realty fund in social infrastructure such as schools, hospitals and warehousing facilities, a top company executive said. The fund, christened Urban Development Fund, was raised in 2013-14 for a term of six years. It has 30 investors. "The gestation period is short and this gives us an opportunity to diversify...

HYDERABAD: The Telangana government has rolled out a transparent strategy to augment welfare of the poor and to usher in balanced development in all spheres of economy and create a corruption free society, Governor ESL Narasimhan said here today. Addressing the gathering after unfurling the national flag at the first Republic Day function at Parade Ground here, after Telangana state was created, Narasimhan said, "The government is of the...

NEW DELHI: A successful development of proposed smart cities across the country will depend on five critical elements such as power, infrastructure, funds, technology and social capital, property consultant Cushman & Wakefield said today. The Centre plans to develop 100 smart cities as satellite towns of larger cities and by modernising the existing mid-sized ones. In the Union Budget last year, Finance Minister Arun...

NEW DELHI: Aiming to revitalise SEZs, the government has permitted dual-use of non-processing areas in special economic zones, allowing developers to set up social infrastructure like schools, hospitals and hotels which can be accessed by people within and outside these conclaves. As per a notification, the non-processing area in special economic zones (SEZs) has been divided into two parts. The social or commercial infrastructure in one part can be...

NEW DELHI: South India has outscored the northern part of the country in terms of emergence of new growth centres in the fast-growing real estate sector with Thiruvananthapuram and Mangalore being named as the top two tier-III cities by global realty consultant Knight Frank. The two coastal towns are followed by Nashik in Maharashtra at the third position, while Rishikesh-Haridwar in Uttarakhand and Raipur in Chhattisgarh have been named at the bottom of the list of...

Economy: The woes of the Indian economy and the on-going recession in industry segments are too well documented to bear repetition. What is not so visible is the rural economy. Monsoons continue to decide the fate of agriculture, which still contributes 25 per cent of GDP, despite the much talked about role of the service sector. Labour and land productivity continue to be well below international standards. Agricultural incomes have grown a paltry 1.2 per cent in two years, well below a growth of close...

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NEW DELHI: Finance minister Arun Jaitley has justified the government decision to bring out an Ordinance to amend certain provisions of the Land Acquisition Act on the grounds that the 2013 legislation had some flaws which had to be rectified and that the new law will not only ensure more compensation to the farmers whose land is acquired by the authorities but also aid in much-needed development. In his latest blog posting, Jaitley has pointed out to the...

NEW DELHI: The Narendra Modi government has decided to give a significant break to India's beleaguered special economic zones (SEZ), by opening up the use of social infrastructure such as schools, hotels and shopping arcades for outsiders not operating within the zone. The move will make SEZs more attractive for investors and make it more viable for developers to invest in creating such social infrastructure in the non-processing areas of these zones. After...